Siddhi Ganesh Cooperative Holds General Assembly in Three Venues at Once

Bhaktapur – Siddhi Ganesh Savings and Credit Cooperative, regarded as the institution with the highest number of members in Nepal, organized its general assembly in an unprecedented way by hosting it simultaneously in three different venues without inviting external guests.

The cooperative, which has 17,800 members, conducted its 31st general assembly on Saturday in Ajima Party Palace, Star Banquet, and Maheshwari Banquet, divided regionally but at the same time.

Treasurer Jayaram Gorkhali presented the financial progress report for FY 2081/82, showing sources and uses worth Rs 3.26 billion and income and expenditure totaling Rs 254 million. The assembly approved this report. For FY 2082/83, the cooperative passed a proposed budget with sources and uses amounting to Rs 3.36 billion and income and expenditure of Rs 217.8 million.

The assembly also unanimously endorsed the secretary’s progress report and upcoming programs, along with the audit committee’s report presented by coordinator Ram Prasad Lakhaju. It further approved the proposal to distribute a 6% dividend (after tax) on share capital and to allocate Rs 5 million from the reserve fund for distribution as per regulations.

Chairman Rudranarayan Lakha, speaking at Ajima Party Palace, expressed happiness that Siddhi Ganesh, which started with only 31 members, has now grown to 17,600. He noted that unlike in the past, when outstanding savers and borrowers were honored with gifts, this year the cooperative conducted the general assembly frugally, in line with the Cooperative Authority’s directive banning gifts, hospitality, and transportation expenses.

Treasurer Gorkhali explained that while the cooperative had targeted a profit of Rs 78.7 million, it earned only Rs 46.4 million in FY 2081/82. He attributed the shortfall mainly to a provision of Rs 16.9 million set aside for loan loss, as directed by the National Cooperative Regulatory Authority.

Board member Ratnashwari Chawal reported that the cooperative’s share capital stands at Rs 262.5 million, deposits at Rs 2.64 billion, reserve fund at Rs 275.8 million, retained capital fund at Rs 8.25 million, cooperative promotion fund at Rs 164,000, other funds at Rs 24.5 million, and member loans at Rs 1.82 billion, bringing total assets to Rs 3.26 billion.

Manager Shila Goshain highlighted that the cooperative has remained secure and trustworthy by strictly following regulatory directives and standards.

At the Kamalbinayak Star Banquet, the assembly chaired by Secretary Bishnu Prasad Dumru passed a 10-point resolution. Former chairman and savings sub-committee coordinator Krishna Govinda Lakhaju presented the economic progress of FY 2081/82 and the proposed budget for FY 2082/83, noting a Rs 7.2 million shortfall in share capital and Rs 135 million allocated under asset utilization.

Board member Tulsidas Dumru presented progress and proposed programs, clarifying compliance with anti-money laundering directives, policy amendments, and future activities.

Meanwhile, the general assembly for regions 5 and 6 was held at Maheshwari Banquet in Thusacha under the chairmanship of Vice-chairman Bishnuram Dumru. He criticized government decisions, saying a one-size-fits-all rule for all cooperatives across the country was impractical and restricting external guests reduced opportunities for learning from experts.

Former chairman and board member Hariratna Gorkhali reassured members that locally managed cooperatives like Siddhi Ganesh are trustworthy and safe to deposit in. Other speakers included board members Ramchandra Dumru, Radheshyam Sainju, and Sapana Kawan.